Keep refinancing after your ARM period expires?I am considering taking out a 7/1 ARM loan over a 30 yr fixed loan for a $130K mortgage. My plan is to save on the mortgage payment each month and use that money each month directly towards principal. I guess this is a good place to ask: by paying more than my required payment - does that money go towards P or P+I?By my calculations, by the end of 7 years, I would have paid $9K more towards principal and spent around $7K less on interest by going with ARM over 30 yr fixed.This is where I have a general question about ARM: is there anything to prevent me from refinancing when the ARM period is over (7 years) and taking out another ARM (or even fixed) mortgage? That way I took advantage of low interest and paid more towards principal on my mortgage. I don't know much about this, but what is there to stop me from taking out ARMs continuously? First time home buyer here, so don't judge :)June 29 2011 - Austin00YesReport a ProblemProblemSelect oneOffensive contentIrrelevant contentSpam (pure self-promotion)OtherDetailsYour emailPlease enter a valid email address.Submit CancelContent flaggedWe will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.We're sorry. This service is temporarily unavailable. Please come back later and try again.